One Million Baht Per Square Wah!

[The_Munchmaster]

A land sale on Sukhumvit Soi 6 has set a record at one million baht per square wah, according to the property agency CB Richard Ellis Thailand (CBRE).

 

The price of the three-rai site in front of Jaisamarn Full Gospel Church beat the earlier record of 950,000 baht per square wah offered by Central Retail Corp for a nine-rai plot on Phloen Chit Road owned by the British Embassy in mid-2006.

 

3 Rai = 1200 square wah x Baht 1 million = Baht 1.2 billion = ~US$ 36 million.

 

"It's a new era of land price adjustment. The market price in the past few years jumped from 650,000 baht per square wah due to very limited land plots in the area," said CBRE managing director Aliwassa Pathnadabutr.

 

But she warned that high prices were likely to ease except for the best locations near mass transit.

 

An industry source said the Soi 6 plot was owned by an Indian-Thai textile businessman based in the Phahurat area. He bought the plot after the 1997 financial crisis and sold it to another Indian-Thai businessman for 1.2 billion baht in May.

 

Ms Aliwassa said the deal would set a new price benchmark for land plots in the Phloen Chit and Nana areas.

 

For the past two years, the asking price for the plot had been 700,000 baht per square wah when CBRE was an agent for the landlord. The location had potential for development into a condominium, hotel or office building.

 

"If it is a condominium project, the starting price per square metre will be up to 300,000 baht, close to the (current record) price of a penthouse at The Sukhothai Residences on Sathon Road."

[Barry]

So what's a square wah in square metres?

[Mentors]

is this the area close to the Nana skytrain station with this grew, ugly since the financial crisis '97 unfinished building?

I wondering always what happens with this land.

[teddy]

1 square wah = 4 square metres :thumbup:

[Barry]

is this the area close to the Nana skytrain station with this grew, ugly since the financial crisis '97 unfinished building?

I wondering always what happens with this land.

Think it's the one over the road from that.. Though with land prices that high, it's a matter of time before that get's knocked down too..

[Mentors]

yes, i read the other day that the LOS property market is overheated again.